SDLP - Seadrill Limited Restructuring Update
September 12 2017 - 6:43PM
YASTEST
London, United
Kingdom, September 12, 2017 - Seadrill Partners LLC
("Seadrill Partners" or the "Company") announces today that the
Company's largest shareholder, Seadrill Limited ("Seadrill"), has
entered into a restructuring agreement with secured lenders,
bondholders and a consortium of investors. The agreement
defers the maturity of secured bank debt by five years with no
amortization payments until 2020, converts bonds to equity and
delivers new capital to Seadrill.
To implement the restructuring
agreement, Seadrill and certain of its subsidiaries have filed
prearranged chapter 11 cases in the Southern District of Texas
together with the agreed restructuring plan. As part of the
chapter 11 cases, "first day" motions were filed that, when
granted, will enable day-to-day operations to continue as usual,
including the provision of management services to Seadrill
Partners. For additional information please refer to Seadrill
Limited's Form 6K filed today.
Seadrill Partners' recently
announced amendments to certain credit facilities have successfully
insulated the Company and its consolidated entities from events of
default resulting from Seadrill Limited's use of chapter 11
proceedings to implement its restructuring plan. Seadrill
Partners did not file chapter 11 cases, and we expect business
operations to be largely unaffected by Seadrill's chapter 11
filings.
FORWARD LOOKING STATEMENTS
This news release includes forward looking
statements. Such statements are generally not historical in nature,
and specifically include statements about the Company's plans,
strategies, business prospects, changes, trends in its business and
the markets in which it operates and insulation from Seadrill
Limited's restructuring. These statements are made based upon
management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore
involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or
implied in the forward looking statements, which speak only as of
the date of this news release. Important factors that could cause
actual results to differ materially from those in the forward
looking statements include, but are not limited to the performance
of the drilling rigs in the Company's fleet; delay in payment or
disputes with customers; fluctuations in the international price of
oil; changes in governmental regulations that affect the Company or
the operations of the Company's fleet; increased competition in the
offshore drilling industry; hire rates and factors affecting supply
and demand for drilling rigs; the financial condition of the
Company's existing or future customers; and general economic,
political and business conditions globally and the effects of
Seadrill Limited's restructuring. Consequently, no forward looking
statement can be guaranteed. When considering these forward looking
statements, you should keep in mind the risks described from time
to time in the Company's filings with the SEC, including its Annual
Report on Form 20-F (File No. 001-35704).
The Company undertakes no obligation to update any
forward looking statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for us to predict all of these
factors. Further, the Company cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward looking
statement.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Seadrill Partners LLC via Globenewswire
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